- Push-out Score suggests push-out forces
- After about two years and a half in the position
- Praise, thanks and good wishes for Pomilio
- Search for a successor
- Pomilio said 55 words
(exechange) — Utica, New York, November 02, 2017 — Luke Pomilio, finance chief of Conmed, leaves. As announced by Conmed Corporation in a news release and in a regulatory filing published on Thursday, November 02, 2017, Luke A. Pomilio leaves the post as Chief Financial Officer at the surgical and medical instrument manufacturing company after about two years and a half in the position.
No company wants a CFO to flame out in the first years.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past twelve months was 5.5 years, according to data compiled by exechange. Only 37 percent of the CFOs who departed over the past twelve months left the position within three years.
Pomilio is committed to remaining in his current role until a successor is found.
Conmed will undertake a search for a successor.
No reason given
In the announcement, Conmed did not explicitly explain the reason for Pomilio’s move, opening the door for speculation.
Precise information about the future plans of Pomilio was not immediately available.
Conmed said: “Luke A. Pomilio, Executive Vice President, Finance and Chief Financial Officer, has decided to retire after over two decades of service with the Company.”
Share price rise since March 2017
The change follows a rise in the share price of Conmed Corporation since March 2017.
Chaired by Mark E. Tryniski
Conmed Corporation is chaired by Mark E. Tryniski.
Mark E. Tryniski has served as a Director of the Company since May 2007 and Lead Independent Director since May 2009. On February 25, 2014 he was appointed Chairman of the Board of Directors.
CEO: Curt R. Hartman
Curt R. Hartman serves as CEO of Conmed Corporation. Curt R. Hartman is the President and Chief Executive Officer of Conmed Corporation. He was appointed to the Board of Directors of Conmed on March 1, 2014, assumed the Interim CEO role on July 22, 2014, and became the full-time President and CEO on November 9, 2014.
In the position of CFO since 2015
Pomilio was appointed Conmed’s Chief Financial Officer on April 1, 2015.
He joined the Company as Controller in September 1995.
Subsequently, Pomilio assumed additional responsibility for certain corporate functions including worldwide operations and select administrative functions.
In May 2009, Pomilio was promoted to Vice President, Controller and Corporate General Manager.
In March 2013, Pomilio’s title was changed to Executive Vice President, Controller and Corporate General Manager.
Effective April 1, 2015, Pomilio was promoted to Executive Vice President, Finance & Chief Financial Officer.
Prior to his employment with the Company, Pomilio was employed as a manager with Price Waterhouse LLP.
Pomilio is a certified public accountant and graduated with a B.S. degree in Accounting from Clarkson University.
Generally speaking, when a top leader announces to step aside with no successor in place, it’s a sign that the change was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Luke Pomilio’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 45.2017 ($).